INDIAN BENCHMARKS: SENSEX JUMPS 474 POINTS, Nifty Trading Tips 50 ABOVE 7400 ON ECB STIMULUS TALK, OIL RALLY
The domestic equity market rallied on Friday tracking a relief rally in other Asian markets after signals for more stimulus from the European Central Bank (ECB) revived risk appetite across markets and a 5 per cent jump in crude oil prices boosted investor sentiments.
The benchmark BSE Sensex saw a steady rise through the day, helped by gains in key index constituents such as GAIL (7.99%), Tata Steel 5.35 % (5.35 per cent), Maruti (5 per cent), M&M (5 per cent),SBI (4.81 per cent) and Hero MotoCorp 4.55 % (5.11 per cent).
The 30-stock benchmark ended the day at 24,435.66 points, up 473.45 points or 1.98 per cent. NSE's Nifty50 shot up above the psychologically crucial 7,400 level and settled at 7,422.45, up 145.65 points or 2 per cent
UPCOMING RESULTS:
HDFCBANK, MCLEODRUSS, MRF, NILKAMAL
HEADLINES OF THE DAY
- ITC Q3 disappoints; Net Profit below estimates
- Mahindra rallies on launch of smaller diesel engine
- Idea Q3 disappoints; consolidated net profit at Rs764 cr
The crucial resistance for Nifty SPOT is now seen at 7471 and above this 7567.Support for the immediate term is now placed at 7336 and next support will be 7250.
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